As student apartment complexes prepare for new leases to be signed, not many are offering specials rates considering the condition of the economy.
Although many complexes have not lowered their rates, various specials have been offered to help attract student apartment seekers.
Local apartment complexes The Pointe at Adams Place and University Courtyard said, while they are offering their basic yearly specials, they will not require future residents to pay any deposits, only an application fee.
If these fees were not waived, deposits at The Pointe would sum up to $410, and $334 for University Courtyards.
“Not many apartments are making changes to their rates,” said Carol Miles, office manager at Apartment Seekers. “Most apartments are offering other specials, which include free first month’s rent and no down payments.”
Although Miles was not able to give specific names of the apartments, she said student property owners offer complexes with lower rates because these places are harder to lease.
Leasing consultant for The Pointe at Adams Mauren Fields, said the complex is working with its residents in a program that will benefit them with paying their rent.
“Our complex is financial aid friendly,” Fields said. “We offer the Financial Aid Deferral Program to our residents.”
According to Fields, in order to qualify, residents must show proof that they receive financial aid.
While there is a small fee, resident’s first month rent will be deferred until they receive their financial aide disbursements.
“We encourage the residents to pay as much of their rent in advance as possible,” Fields said.
Community assistant for College Club, Oswald Cunningham Jr., said the apartment’s financial aid deferral program covers an eight-month period.
They require residents to pay four months of rent for fall and the same for the spring.
Other than offering the financial aid deferral program, College Club has also lowered its rental rates for the upcoming year.
Cunningham said that their rates have dropped, but this is not a part of their special.
“Our rates have dropped from $479 to $429,” Cunningham said.
Because of the specials offered by these complexes, many students say they have considered resigning their leases because of the decrease in cost. The Pointe at Adams resident Sandrine Lambletin, 24, and a senior health care management student said that she is renewing her lease with the complex.
“Who wants to pay the most when we do not have too,” said the Miami native. “I enjoy the atmosphere and if the rates are not making a change then neither am I.”
Other students, such as Gloria Mason, 20, still chose to find another place to live despite the cut in rental fees.
“Although College Club has decreased the rent, I have found another complex that offers the same features but at a lower price,” said the junior professional MBA student from Alexandria, Va.
“Although the price does matter, we have to keep in mind all of the aspects we are paying for.”